Panacea net up 104 pc at Rs 23.42 cr

New Delhi, Jun 14 (UNI) Panacea Biotec today said its net profit went up by 104 per cent at Rs 23.42 crore for the fourth quarter ended March 2007 as compared to Rs 11.48 crore in the corresponding period last year.

The company's annual net profit stood at Rs 146.81 crore, a rise of 140.9 per cent, against Rs 60.94 crore last year.

Panacea's net turnover also rose by 67.8 per cent to Rs 226.78 crore during Q4FY07 as compared to Rs 135.12 crore in Q4FY06 a year ago, a statement said.

Its net turnover in FY07 grew by 55 per cent at Rs 831.55 crore as compared to Rs 536.35 crore in FY06.

The results were also reviewed by the company's Audit committee before their approval by the board.

The company's Joint Managing Director Rajesh Jain said, ''The improved financial performance of Panacea Biotec is the result of our approach to explore global business opportunities with enhanced domestic focus.'' During FY07, the company's joint venture Chiron Panacea recorded over 100 per cent growth in its turnover.

UNI